Don’t Miss Out on a Credit Opportunity
We have good news for innovators! Your company’s research and development efforts may also reduce your income tax liability. The recently enacted Protecting Americans from Tax Hikes Act of 2015 (“PATH Act”) includes the following important changes to the Research & Development (“R&D”) credit: The credit was retroactively reinstated effective January 1, 2015; The credit was made permanent; The credit can now be used by eligible small businesses to offset Alternative Minimum Tax (“AMT”) liabilities; and The credit can now be used by eligible start-up companies to offset payroll taxes. Read on for a closer look at what these changes. Read More.
May 31 Deadline for Filing Forms 1095-C on Paper
Cherry Bekaert Benefits Consulting’s (“CBBC”) latest Client Alert provides instructions for Applicable Large Employers to file paper copies of the 2015 Affordable Care Act Information Return Forms 1095-C to the Internal Revenue Service by the May 31st deadline. Visit the CBBC Web site to download the April 2016 Health & Benefits Client Alert .
PATH Act Impact on REITs
If you are considering the establishment of, or are currently involved in the ownership and/or management of, a Real Estate Investment Trust (REIT), you will be impacted by many provisions of the recently enacted Protecting Americans from Tax Hikes (PATH) Act of 2015. This Bulletin provides context for the changes to the tax regime applicable to REITs that were made by the PATH Act, and how these changes will affect you. Unlike most provisions of the Act, which provide for extensions of tax provisions that were in affect either immediately before the Act’s passage or that expired December 31, 2014,. Read More.
Revised Summary of Benefits and Coverage Now Final
Read Cherry Bekaert Benefits Consulting’s latest Client Alert to learn about the enhancements announced on April 6, 2016.
URGENT: New North Carolina Filing Requirement for Large Multistate Corporations due April 15th
If your company is a large multistate corporation conducting business in North Carolina, please be reminded of a new informational filing requirement due this week. Regardless of whether or not you have an S corporation election in place, you may be required to file Form CD-400 MS, Market-Based Sourcing Informational Report. The form is required if the following criteria were met for your 2014 tax year: your company’s apportionable income was greater than $10 million; your North Carolina apportionment percentage is less than 100%; and your company was subject to apportionment of income based at least in part on the. Read More.
New Credit Opportunities for Virginia Businesses
On March 7, 2016, Virginia Governor Terry McAuliffe approved and signed into law State Bill 58 (“the Bill”), which enhances the state’s existing Research and Development(“R&D”) tax credit and creates a new Major Research & Development tax credit (“Major R & D credit”). If your business is engaged in R&D activities within Virginia you can apply for either credit for which your business qualifies, but not for both. Virginia lawmakers hope the legislation will create new jobs by providing incentives to businesses considering establishment or expansion of research and development activities in Virginia, promote economic growth, and attract new businesses. Read More.
Will you be Subject to a Phase 2 HIPAA Audit?
The March 2016 edition of Cherry Bekaert Benefits Consulting’s Health & Benefits Update details Phase 2 of the Health Insurance Portability and Accountability Act (HIPAA) audit program. Please visit Cherry Bekaert Wealth Management’s website to read the Health & Benefits Update for March 2016 in its entirety.